Bitcoin Moves Below $6,100 as Crypto Market Loses $7 Billion, No Facebook Effect

Many investors and analysts expected the reversal of cryptocurrency advertisement ban by the $576 billion technology giant Facebook to fuel a short-term corrective rally. However, bitcoin and the rest of the cryptocurrency market struggled to sustain momentum.

In the past 24 hours, the crypto market lost over $7 billion amidst a minor correction. On June 26, after a speedy recovery by bitcoin from the $5,900 region, the market seemed to be gaining momentum in the short-term.

Tokens such as Ontology (ONT), Theta, and Qtum performed particularly well, recording 20 to 40 percent gains against bitcoin within the past seven days. But, as major cryptocurrencies including bitcoin, Ethereum, Ripple, and Bitcoin Cash slowed down, tokens started to lose momentum.

Facebook Had No Effect on Crypto

Unsurprisingly, the reverse ban on cryptocurrency advertisement by Facebook had no impact on the price of BTC and other cryptocurrencies, suggesting that the initial cryptocurrency advertisement ban by Facebook had no impact on the cryptocurrency market in the first place.

At the time, the vast majority of mainstream media outlets and analysts attributed the fall in the market valuation of digital assets to the ban on crypto ads by Facebook that evidently had no effect on the market in any way.

The decision to unban crypto ads on its platform by Facebook triggered positive conversations about cryptocurrency adoption on various social media platforms and online communities. But, it is important to understand the reasoning behind Facebook in its initial crypto ad ban. In January, Facebook had banned crypto ads because it did not want to be liable for initial coin offerings (ICOs) and potential losses of investors participating in token sales.

Recently, Chicago Board Options Exchange (Cboe) president Chris Concannon, who represents the first major financial institution in the traditional finance market to commit to the cryptocurrency market, said that the US Securities and Exchange Commission (SEC) will likely go after investors that participated in ICOs and sellers of tokens…

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